What Is Bitcoin Really Worth? Don’t Even Ask. – The New York Times

Dabbling in Bitcoin lies somewhere between gambling and investing. After all, true investing requires a rational appraisal of an asset’s value and that is simply not possible at present with Bitcoin. Real understanding of the economic issues underlying the cryptocurrency is almost nonexistent.

It is not just that very few people really comprehend the technology behind Bitcoin. It is that no one can attach objective probabilities to the various possible outcomes of the current Bitcoin enthusiasm.